Bowie Sporting Goods manufactures sleeping

bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:

Direct material of 6.00 yards at $5.00 per yard

Direct labor of 2.50 hours at $18.00 per hour

Overhead applied per sleeping bag at $19.00

In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.70 per yard. The labor used was 11,700 hours at an average rate of $20.50 per hour. The actual overhead spending was $96,200.

Determine the total materials variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.

Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:

Direct material of 6.00 yards at $5.75 per yard

Direct labor of 2.50 hours at $20.00 per hour

Overhead applied per sleeping bag at $16.00

In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.70 per yard. The labor used was 11,700 hours at an average rate of $20.50 per hour. The actual overhead spending was $96,200.

Determine the labor rate variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.

The following totals are used to create CVP Income Statement for Frederick Company for FY2018:

Frederick Company

Selected Financial Figures

For the Year Ended 12/31/18

$10,000

Sales (100 units)

Variable Cost:

     Direct Labor

$1,200

     Direct Materials

1,900

     Factory Overhead (variable)

2,000

     Selling Expenses (variable)

600

     Administrative Expenses (variable)

500

Fixed Costs:

     Factory Overhead (fixed)

$750

     Selling Expenses (fixed)

1,000

     Administrative Expenses (fixed)

1,000

Frederick Company utilizes a JIT production system and there are no Raw Materials, Work-in-Process or Finished Goods inventories. Use this information to determine FY 2018 Contribution Margin Percentage. Enter percentage to one decimal place. (example enter 35.5% as 35.5)

 

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